Blockchain Smart Contracts: Law Firms Are Adopting Technology
New York-based Hogan Lovells is contemplating using blockchain technology to execute Smart Contracts, reports Eastern Daily News.
The story refers to reporting by The Wall Street Journal, which says the law firm is reviewing how this technology can eliminate many of the manual steps required to execute legal contracts. “This will have a positive impact on the firm in that it will be able to cut down its operation costs and at the same time be able free up lawyers’ time,” writes Peter Ngigi.
He continues: “Smart Contracts are technical in nature and hence will require lawyers who are professionally qualified and at the same time with the technical expertise to understand the code within the contract and figure out how they can work together.”
Read the Eastern Daily News article.
